WASHINGTON (Dow Jones)–Only 9% of eligible borrowers have received trial modifications under the Obama administration’s ambitious effort to help struggling homeowners, according to data released by the U.S. Treasury Department on Tuesday.
Participating mortgage servicers, which receive hefty government payments for modifying loans, have had “uneven” success at rescuing borrowers, the Treasury acknowledged, as a wave of foreclosures continues to pummel the U.S. housing market.
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